In December 2017, Venezuelan President Nicolas Maduro announced that the South American nation’s government was going to launch an oil-backed cryptocurrency called the Petro. Since then, the cryptocurrency’ actual existence has been questionable, but CCN recently got our hands on some tokens.
Ever since Maduro’s announcement, the Petro has been a controversial cryptocurrency. Maduro has claimed 100 million tokens were to be issued and has since made it an official alternate currency in the country. The Venezuelan leader has pushed its adoption by forcing organizations in Venezuela to use the Petro, and by converting pensioners’ payments to it without their permission.
The oil-backed crypto was launched through an ICO and went on sale in October of last year. In September, an investigation carried out by Reuters seemed to show that neither the Petro nor the oil reserves backing it existed.